Church member wants to start selling items as a self employee person.
Does he collect social security and medicare contributions on a quarterly basic
For himself ?
How much income would he need to set aside FICA contributions
Church member wants to start selling items as a self employee person.
Does he collect social security and medicare contributions on a quarterly basic
For himself ?
How much income would he need to set aside FICA contributions
He will need to pay self-employment tax of 15.3% (12.4% for Social Security and 2.9% for Medicare) as well as income tax on the net income from his small business. There is no "break even threshold" on the self-employment, as it's a flat 15.4%. He should file estimated tax payments quarterly if the amount of tax owed for the year will exceed $1,000.
Thank You
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